Cryptocurrency Price Prediction: ETH, BTC, Cardano, 10th March 2023

cryptocurrencies continued to captivate investors, and even established financial institutions like Goldman Sachs began to accept them. The year saw some significant developments in the world of digital currencies, such as Coinbase becoming the first major cryptocurrency company to go public in April, and the launch of the first Bitcoin-focused U.S. exchange-traded fund in October.

Bitcoin, the most famous cryptocurrency, had a particularly successful year, with its value increasing by around 70% since the beginning of 2021. This surge in value contributed to the total market value of cryptocurrencies surpassing $2 trillion.

Other major cryptocurrencies like Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) also experienced significant increases in their values, further boosting the overall performance of the cryptocurrency market.

Bitcoin Price Prediction

In Wednesday’s trading session, Bitcoin’s price was unable to withstand the overhead pressure caused by the 50-day EMA at $22,319, as indicated in the chart below.

Furthermore, the 200-day EMA, which was at $21,790 on Thursday, is also exerting downward pressure and could push the price below the channel. As a result, we anticipate further price declines, with the possibility of it reaching the 100-day EMA at $21,309.

bitcoin price prediction today

The Relative Strength Index (RSI) showed a price strength of 38, indicating that the path of least resistance is downward. Should selling pressure continue, Bitcoin’s price may fall towards the $19,000 support level, representing a 12.60% decline from its current price of $21,746.

bitcoin price prediction this week

On the bright side, if the bulls manage to maintain their position above the channel’s lower boundary, Bitcoin’s price may rise, breaking through the resistance of the 200-day EMA at $21,790, as it did on January 14.

bitcoin price prediction daily

To invalidate the bearish thesis, the bulls would need to break through the 200-day EMA and the 50-day EMA at $22,319, and close above this level in a daily candlestick. This would open the door for a potential run towards the major resistance level of $25,242, representing a 16% increase from its current level.

Ethereum Price Prediction

Similar to Bitcoin, the price of Ethereum (ETH) is currently bearish and struggling to maintain a key level. On Wednesday, the overhead pressure from the 50-day EMA at $1,567 caused its value to decline, turning the 200-day EMA at $1,546 from a support to a resistance level in Thursday’s trading session.

As buyer momentum weakens, ETH may fall below the $1,509 support confluence, which is a combination of the horizontal level and the 100-day EMA.

Ethereum price prediction one month

In the worst-case scenario, the Ethereum price could drop to $1,212 before potentially reversing or returning to the $990 support level.

On the other hand, as the RSI has just increased, more buyers may enter the scene, potentially causing the price to rise. However, Ethereum would need to overcome the overhead pressure and break through the 200-day EMA at $1,546 before confronting the 50-day EMA at $1,567.

ethereum price prediction for today

A daily candlestick close above the mentioned EMA levels would invalidate the bearish narrative.

ethereum price prediction next week

In the best-case scenario, the Ethereum price could rise to the $1,727 resistance level and accelerate towards the major resistance at $1,853, representing a 20.55% increase from its current price of $1,539.

Cardano Price Prediction

Cardano (ADA) is currently facing pressure as one of the top payment services providers withdraws from the industry. Silvergate Capital’s exit follows other major crypto failures such as FTX and Terra’s LUNA collapse. This withdrawal is a significant blow to bullish sentiment and could complete the bearish triangle pattern that ADA has been facing.

Realistic Cardano price prediction

Reports about Silvergate’s exit have already caused ADA’s price to drop by almost 6% in the European trading session on Friday. Silvergate was a major pioneer of a commercial gateway for cryptocurrency and cash transactions, so their withdrawal could signal funding issues for the crypto industry as a whole.

cardano price prediction in 10 years

Despite attempting to break out of the bearish triangle, ADA has been met with sharp rejections. With the current headwinds facing altcoins, a drop towards $0.32 seems likely, with a 10% leg lower towards $0.30 once the bearish triangle is completed.

cardano price prediction today

However, the exit of Silvergate could pave the way for a new service provider to take over their role, bringing calm to the altcoin space. Several large banks have already established cryptocurrency trading desks, and they could quickly take over the services Silvergate provided. This would allow ADA to break out of the descending trendline and revalue near $0.37.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button